2015-01-13 17:32 [Photo: Colin Lowe / Flickr (CC BY-NC ND 2.0)] 
This is the lowest level in six years. OPEC countries still have no intention to reduce the production of oil, the raw material market analysts speak of panic among oil traders.
The price of oil, due to the oversupply of raw materials and lower-than-expected demand in Asia and Europe, has declined since June 2014 by 60 percent.
Countries OPEC which fight to maintain its market share rather than reduce production to balance supply and demand, offer lower prices to their customers.
– On the market now you can see some signs of panic and the trend is clearly downward. We do not see any action, nor does it come down to us any comments that could stop the aggressive sale – Saxo Bank strategist said Ole Hansen.
It is quite the opposite – he writes Reuters – Saudi Arabia still implies that its strategy for maintaining oil market share by maintaining low prices of raw material is consistent; the Minister. UAE oil Suhail ibn Muhammad Faris Faraj al-Mazrui said Tuesday that the decision on the maintenance of OPEC crude oil production at the current level was right.
– The strategy will not change. Do not give a signal by reducing the extraction of oil to other manufacturers that need to be rational – al-Mazrui said.
Countries oil cartel maintain a low price of raw materials, in order to force competitors from other countries where production costs are much higher, to its limit.
In November, OPEC, which supplies the world market for one third of the production of black gold, reported that keeps production at 30 million barrels a day.
Traders oil rent tankers to store oil at sea. And once again begin to storage (raw material) at sea, it remains little factors that may prevent falls Brent – wrote in its analysis of the company Energy Aspects.
Reuters explains that traders begin to store oil, they can be very cheap to buy in the hope of reselling it later at a higher price.
Goldman Sachs predicts that the average price of raw 2015 will be about 50.40 dollars. per barrel; previous estimates predicted that it will develop at the level of $ 83.55.
Read more in Money.pl
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